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India's NFL urea tender booked 1.47m tonnes for shipment by 22 December, more than most had expected. Suppliers from Nigeria, Algeria, Egypt and China sold at fob levels near Q1 2022 lows because demand from other major markets was weak.
The tender removed large volumes, but with no other buyers stepping in, global urea sentiment stayed weak and fob prices remained under pressure.
profercy.comChris YearsleyNov 25, 2022After 81 past bearish trade events, Urea moved a median -1.0% over 5 sessions (28% higher; middle half -7.2% to +0.4%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
India's NFL tender booked 1.47m t, more than expected, which pushed fob offers toward Q1 2022 lows and signaled weak demand elsewhere, pressuring global urea benchmarks.
